17C-3-203 - Consent of taxing entity committee required for economic development project area budget -- Exception.
17C-3-203. Consent of taxing entity committee required for economic developmentproject area budget -- Exception.
(1) (a) Except as provided in Subsection (1)(b) and subject to Subsection (2), eachagency shall obtain the consent of the taxing entity committee for each economic developmentproject area budget under a post-June 30, 1993 economic development project area plan beforethe agency may collect any tax increment from the project area.
(b) For an economic development project area budget adopted from July 1, 1998 throughMay 1, 2000 that allocates 20% or more of the tax increment for housing as provided in Section17C-1-412, an agency:
(i) need not obtain the consent of the taxing entity committee for the project area budget;and
(ii) may not collect any tax increment from all or part of the project area until after:
(A) the loan fund board has certified the project area budget as complying with therequirements of Section 17C-1-412; and
(B) the agency board has approved and adopted the project area budget by a two-thirdsvote.
(2) (a) Before a taxing entity committee may consent to an economic developmentproject area budget adopted on or after May 1, 2000 that allocates 20% of tax increment forhousing under Subsection 17C-3-202(2)(a) or (3), the agency shall:
(i) adopt a housing plan showing the uses for the housing funds; and
(ii) provide a copy of the housing plan to the taxing entity committee and the loan fundboard.
(b) If an agency amends a housing plan prepared under Subsection (2)(a), the agencyshall provide a copy of the amendment to the taxing entity committee and the loan fund board.
Amended by Chapter 387, 2009 General Session